Eve, developer of next-generation Urban Air Mobility (UAM) solutions has released its second quarter 2022 financial results including the following highlights outlined in a press release:
- Net loss of $11.8 million in 2Q22 versus $2.4 million in 2Q21 mostly driven by higher Research & Development (R&D) expenses and Selling, General & Administrative (SG&A) costs. In the 1H22, Eve reported a net loss of $21.3 million, $16.7 million higher than the $4.6 million net loss in the 1H21.
- During the first half of 2022, Eve’s operations consumed $13.2 million of free cash flow, versus $5.1 million in 1H21. The 1H22 free cash flow reflects an $11.2 million working-capital gain – most of which is due to higher accounts payable with Embraer.
- On the finance side, net cash provided by financing activities reached $329.1 million during 1H22 with the net proceeds from listing on the New York Stock Exchange.
- At the end of 2Q22, Eve had $330.8 million in total liquidity (cash, equivalents and financial investments) versus $14.4 million at the beginning of the quarter. Eve’s significantly higher cash position comes primarily from the capital raise in May 2022, and was partially offset by development expenses and transaction costs.
- As of the end of 2Q22, Eve did not have any debt on its balance sheet. The management team continues to monitor the capital markets for debt financing options to bring additional cash resources to Eve at attractive terms. Before service is commenced, Eve may also seek incremental capex lines – via corporate loans, to help fund its manufacturing and production facilities.
- As Eve continue to advance their eVTOL development, the company expects to transition part of its non-binding orders into firm contracts. Those firm orders may result in significant cash advances and inflow to the company through down payments that tend to occur several months prior to final eVTOL delivery.
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(Image: Eve Air Mobility)
